Anxiety over the state of the economy and a continued shortage of mortgage finance prevented the spring bounce in the housing market hoped for by estate agents, according to the monthly snapshot of the property market from the Royal Institution of Chartered Surveyors today.

The Rics reported a lack of interest from potential buyers, a drop in the number of agreed sales, an increase in the amount of time homes spent on agents' books, and an edging down in house prices.

More than four fifths of firms reporting a decline in house prices said the drop had been in the 0-2% range, but the Rics said evidence of decline was the most widespread it had been since the start of 2011. Once adjusted for seasonal factors, the balance of firms reporting falls in prices exceeded those saying they had risen in May by 28 percentage points, although the bulk of agents said there had been no change. London was the only region to see house prices rise during the three months to May, with mark downs most widespread in the West Midlands and Wales.

Rics members attributed the lack of appetite to view homes to the plethora of bank holidays in late April and early May. The number of sales per agent between March and May was 14.7 on average, the weakest since January 2011.

Ian Perry, Rics housing spokesman, said: "Buyer interest in purchasing property remains flat across much of the country and there is little sign of this changing any time soon. Uncertainty over the economic outlook remains as important as the availability of mortgage finance in depressing demand. On the other hand, the appetite to rent is continuing to grow. And, with little new supply coming onto the lettings market, the cost of renting is increasing and will continue to do so."